Firm News

NIC Holiday year end: Don’t forget to file P35 and P14’s by 19th May

Many businesses have now successfully applied for the National Insurance (NICs) holiday (see firm news - 6 September 2010) on where there is an exemption of up to £5,000 of Class 1 employer NICs for each employee for new businesses.

Now that the end of the tax year is looming, businesses need to complete the Forms P35 and P14’s by 19 May 2011. However if you have also successfully applied for the NICs holiday you will need to complete Forms E92 (holiday return form) and E89 (supporting employee form) which will be in paper format, at the same time as the P35 and P14’s.

Please note that you should show the total amount of NICs on the P35 as if you did not operate the NICs holiday and enter the deductions on the E92 and E89.

The NICs Holiday End of Year Return should be completed and posted in time to reach H M Revenue & Customs no later than 19 May 2011.

If you need guidance on this please contact Elliott Buss (elliottb@bpuaccountants.co.uk) or Anne Couch (annec@bpuaccountants.co.uk). Furthermore if you have a business starting after 22 June 2010 and need further information on applying  for the holiday please contact us on 029 20 734100.